Natural Resources, Economy of Russia

Natural Resources of Russia

Natural resources potential of Russia is over 20% of the world’s reserves. This fact places Russia on a special place among industrialized countries. Natural resources used by the economy of Russia account for 95.7% of national wealth. There are large deposits of fuel and energy resources: oil, natural gas, coal and uranium ore.

Russia is ranked first in the world by gas reserves (32% of world’s reserves, 30% of world production), the second in oil production (10% share of world production), the third - in coal reserves (22 coal basins, 115 fields, including those in European Russia - about 15.6% in Siberia - 66.8% in the Far East - 12.9%, in the Urals - 4.3%). In terms of reserves of iron ores Russia takes the first place, in tin – the second, lead - the third. Russia also occupies a leading position in the world in wood provision.

In 2005 Russia was the richest country in gold reserves.

In Russia there are five major oil and gas provinces located in European part of the country and in Western Siberia in 10 regions and 11 provinces and republics: West Siberian, Volga-Urals, Timan-Pechora, the North Caucasus and the Caspian Sea area.